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Home»Business»‘A Huge Win’: Woke ‘Cartel’ Of Financial Giants Dealt Death Blow 11 Days Before Trump Takes Office
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‘A Huge Win’: Woke ‘Cartel’ Of Financial Giants Dealt Death Blow 11 Days Before Trump Takes Office

January 11, 2025No Comments3 Mins Read
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‘A Huge Win’: Woke ‘Cartel’ Of Financial Giants Dealt Death Blow 11 Days Before Trump Takes Office
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Asset management behemoth BlackRock wrote a letter to institutional investors Thursday announcing its exit from an emissions-focused investor group, according to the Financial Times (FT).

The firm, which manages over $10 trillion and has been a leader in environmental, social and governance (ESG) investing, has left the Net Zero Asset Managers (NZAM) coalition — a United Nations–sponsored collection of financial services companies that have pledged to achieve net-zero portfolios by 2050 or sooner, the FT reported. The move comes less than two weeks before President-elect Donald Trump, who plans to embrace fossil fuels in his second term, takes office, and follows the exits of a slew of other corporations, including Goldman Sachs Group, Wells Fargo & Co., Citigroup, Bank of America, Morgan Stanley and JPMorgan Chase & Co. (RELATED: UN Reportedly Moves To Unlock Tens Of Millions In Climate Funding For Country Run By Terrorists)

In the letter to investors, vice-chair Philipp Hildebrand wrote that the asset manager’s membership in NZAM had “caused confusion regarding BlackRock’s practices and subjected us to legal inquiries from various public officials,” according to the FT.

This is a huge win for consumers and a decent start for @BlackRock rolling back their destructive influence on our economy. However, they still need to undo a lot of horrible incentives they put in place for corporate executives via ESG. Not just NetZero targets, but demanding… https://t.co/aUlQ28OIcs

— Will Hild (@WillHild) January 9, 2025

The firm began its ESG initiative in 2020, with CEO Larry Fink stating that “climate risk is investment risk” and that climate change would spark a “fundamental reallocation of capital.” However, the world’s largest asset manager exit has been backpedaling on its ESG efforts as of late, only supporting about 4% of the 493 environmental and social investment proposals shareholders put forward between the end of June 2023 and the end of June 2024, down from a rate of 47% in 2021.

See also  Woke Gaming Giant Activision Blizzard Adds 'Non-Binary' Character to 'Overwatch 2'

BlackRock has also walked back some of its diversity, equity and inclusion (DEI) efforts, editing their DEI language to be less racially oriented.

Fellow investment firm Vanguard left NZAM in 2022, while financial services firm State Street remains in the environmental coalition.

“The news of BlackRock’s departure from NZAM should be music to the ears of every American consumer,” Will Hild, executive director of conservative nonprofit Consumers’ Research, told the Daily Caller News Foundation. “NZAM is an illegitimate cartel of asset managers pushing harmful and costly net zero policies across the entire economy. The activities of NZAM and its members raise prices on Americans everywhere from the gas pump to the grocery store.”

When reached for comment, BlackRock referred the DCNF to a report confirming their departure from NZAM.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

blow Cartel Days Dealt death Financial Giants Huge Office takes Trump Win Woke
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